The last Victoria Cross awarded during World War I to an Australian will be auctioned off in Melbourne next month. Lieutenant George Ingram's Victoria Cross will be auctioned by Sotheby's, with the medal having an estimated value between $400,000 and $600,000. Considered the highest award for acts of bravery in wartime, Lt Ingram received his Victoria Cross for his actions at Montbrehain, France - the last battle the Australian Imperial Force was involved in during the war.

Sotheby's head of decorative arts Jennifer Gibson said the vendor is a member of Lt Ingram's family. "He has chosen to sell it for a number of reasons - not necessarily to do with the monetary gain," Ms Gibson said. "He is very keen for the piece to go to an institution."

Lt Ingram's Victoria Cross citation said his award was for "conspicuous bravery and initiative".

"He showed a most inspiring example of courage and leadership and freely exposed himself regardless of danger," the citation said.

Ms Gibson said Lt Ingram was also the first guard at Melbourne's Shrine of Remembrance. Lt Ingram was born near Bendigo, before moving to Melbourne. He served in both World War I and World War II. Military awards which go for auction usually end up at places such as the Shrine of Remembrance, Ms Gibson said, with pieces donated by philanthropic organisations.